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Benchmark indices, Nifty50 and Sensex, were seen trading lower in early trade, tracking mixed cues.
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Benchmark indices, Nifty50 and Sensex, opened flat on Thursday, reacting to mixed cues from global markets.
At 10am, Sensex was up 200.73 points or 0.26 percent at 76,605.72, and the Nifty was up 65 points or 0.28 percent at 23,220.35
UltraTech Cement and HDFC Bank emerged as the top gainers on the BSE, while HUL and Nestle were the biggest laggards. Similarly, on the NSE, UltraTech Cement and Wipro led the gains, while HUL and Nestle saw losses.
The broader markets showed mixed trends. The Nifty SmallCap index dropped 0.17%, while the MidCap index traded 0.14% lower.
Sector-wise, the Nifty IT index was the top performer, up 1%, while the Nifty FMCG index was the biggest loser, down 1%.
Akshay Chinchalkar, Head of Research, Axis Securities, said: “The Nifty’s recovery traced a “tweezer bottom” formation alongside a “bullish harami” pattern that should provide some comfort to people looking for a lasting bounce. The long lower shadow from yesterday’s lows shows demand near the 23,000 area. Although longer-term support lies in the 22500 – 22700 zone, it’s critical for bulls to get past 23471. The NSE midcap index has reached a pivotal support cluster near 52,000 so the burden of proof is on bulls to protect the lows.
Global Cues
Asian markets traded mixed on Thursday as investors reacted to various economic data from the region. In Australia, the ASX 200 fell 0.42%, while Japan’s Nikkei rose 0.5%, and the Topix gained 0.42%. South Korea’s Kospi dropped 0.96%, following a report showing the country’s economy grew by just 1.2% YoY in Q4, its slowest pace since Q2 2023. However, Hong Kong’s Hang Seng index climbed 0.75%, and China’s CSI 300 rose 1% at the open.
In Singapore, inflation data for December is expected soon, and the Bank of Japan is holding a policy meeting today and tomorrow, with Governor Kazuo Ueda hinting at a potential rate hike.
Overnight, the US stock market saw strong performance, with the S&P 500 hitting a fresh all-time high. The index rose 0.61%, reaching an intraday record of 6,100.81 before closing slightly lower at 6,086.37. The Nasdaq Composite surged 1.28% to 20,009.34, driven by gains in tech stocks like Oracle and Nvidia, fueled by optimism around artificial intelligence (AI). The Dow Jones Industrial Average also saw a modest gain, rising 130.92 points, or 0.3%, to close at 44,156.73.
Investors are now awaiting US Jobless claims data for the week ending January 18.
